Salem County New Jersey Residential Rent and Rental Statistics
The median monthly gross residential rent in Salem County NJ was $961 in 2019 according to the Census ACS survey.1 Average gross rent in Salem County was $1,051 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Salem County median and average rent data will be released in September of 2021.
Data is also available below for Salem County rental vacancy rates, Salem County rent as a percent of median income and the fraction of renters in Salem County.
Real Gross Rent in Salem County New Jersey (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New Jersey Median Gross Rent | $1,376 | +1.18% | +5.60% |
| Salem County NJ Median Gross Rent | $961 | -17.51% | -4.00% |
Salem County NJ Real Gross Rent Trends
Median gross rent for Salem County peaked in real terms in 2018 at $1,165 and is now $204 (17.51%) lower. Average gross rent for Salem County peaked in real terms in 2018 at $1,078 and is now $27 (2.50%) lower.
Real Gross Rent: Salem County NJ Median, Salem County NJ Average, New Jersey Median, US Median
Real Gross Rent History for Salem County
| Date | US Median |
New Jersey Median |
Salem County NJ Median |
Salem County NJ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,376 | $961 | $1,051 |
| 2018 | $1,077 | $1,360 | $1,165 | $1,078 |
| 2017 | $1,043 | $1,324 | $1,002 | $971 |
| 2016 | $1,027 | $1,303 | $1,001 | $973 |
| 2015 | $1,017 | $1,288 | $1,081 | $997 |
| 2014 | $986 | $1,269 | $1,000 | $950 |
| 2013 | $953 | $1,233 | $1,000 | $965 |
| 2012 | $940 | $1,221 | $1,000 | $970 |
| 2011 | $941 | $1,226 | $1,026 | $1,002 |
| 2010 | $955 | $1,245 | $1,101 | $1,055 |
| 2009 | $960 | $1,263 | $899 | $904 |
| 2007 | $927 | $1,205 | $965 | $891 |
| 2005 | $910 | $1,169 | $960 | $954 |
Salem County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Salem County New Jersey was 5.47% according to Census ACS data.
Rental Vacancy Rate in Salem County New Jersey
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New Jersey | 4.23% | -0.19% | -0.79% |
| Salem County NJ | — | — | — |
Trends in Salem County NJ Rental Vacancy Rate
The rental vacancy rate in Salem County peaked in 2006 at 9.36%. Since then it has fallen by 3.89% to 5.47%. Data records for this series originated in 2005. From a 2014 post peak low of 3.30%, the rental vacancy rate has increased by 2.17%.
Rental Vacancy Rate: Salem County NJ, New Jersey, US
Historical Rental Vacancy Rate data for Salem County
| Date | US | New Jersey | Salem County NJ |
|---|---|---|---|
| 2019 | 5.97% | 4.23% | — |
| 2018 | 6.15% | 4.42% | — |
| 2017 | 6.18% | 4.45% | 5.47% |
| 2016 | 5.89% | 5.02% | — |
| 2015 | 5.85% | 5.65% | 9.24% |
| 2014 | 6.32% | 6.09% | 3.30% |
| 2013 | 6.49% | 6.18% | 6.08% |
| 2012 | 6.77% | 5.96% | 8.06% |
| 2011 | 7.40% | 6.99% | — |
| 2010 | 8.17% | 7.51% | — |
| 2009 | 8.43% | 7.59% | — |
| 2007 | 7.87% | 6.30% | — |
| 2005 | 7.74% | 6.43% | — |
Rent as a Fraction of Income
Using median household income data for Salem County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Salem County, median monthly gross rent as a fraction of median household income was 16.83% in 2019 according to the ACS.
Salem County New Jersey Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New Jersey | 19.26% | -0.36% | -0.35% |
| Salem County NJ | 16.83% | -4.06% | -4.55% |
Trends in Salem County NJ Rent as a Fraction of Income
The fraction of median Salem County household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 21.38%. Since then it has fallen by 4.55% to 16.83%.
Fraction of Income towards Rent: Salem County NJ, New Jersey, US
Historical Data for Annual Rent as a Fraction of Income in Salem County New Jersey
| Date | US | New Jersey | Salem County NJ |
|---|---|---|---|
| 2019 | 20.03% | 19.26% | 16.83% |
| 2018 | 20.50% | 19.61% | 20.88% |
| 2017 | 20.13% | 19.24% | 19.04% |
| 2016 | 20.43% | 19.61% | 21.38% |
| 2015 | 20.63% | 20.17% | 17.77% |
| 2014 | 20.89% | 20.06% | 19.81% |
| 2013 | 20.78% | 20.03% | 18.40% |
| 2012 | 20.65% | 19.77% | 18.69% |
| 2011 | 20.70% | 20.19% | 21.14% |
| 2010 | 20.50% | 19.75% | 20.97% |
| 2009 | 20.12% | 19.46% | 18.24% |
| 2007 | 18.66% | 18.37% | 17.92% |
| 2005 | 18.89% | 18.19% | 17.34% |
Renter Fraction in Salem County New Jersey
You can calculate the renter fraction in Salem County in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Salem County as a fraction of total Salem County households. In 2019 28.43% of households were renters according to Census ACS data.
Salem County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New Jersey | 36.65% | +0.63% | -0.12% |
| Salem County NJ | 28.43% | -2.66% | -4.31% |
Trends in the Salem County NJ Renter Fraction
The Salem County household renter fraction peaked in in 2017 at 33.05% and is now 4.62% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Salem County NJ, New Jersey, US
History of Salem County Renter Fraction
| Date | US | New Jersey | Salem County NJ |
|---|---|---|---|
| 2019 | 35.89% | 36.65% | 28.43% |
| 2018 | 36.05% | 36.02% | 31.09% |
| 2017 | 36.13% | 36.19% | 33.05% |
| 2016 | 36.88% | 36.77% | 32.74% |
| 2015 | 36.97% | 36.98% | 24.44% |
| 2014 | 36.90% | 36.74% | 29.62% |
| 2013 | 36.50% | 35.95% | 29.76% |
| 2012 | 36.09% | 34.93% | 29.21% |
| 2011 | 35.42% | 34.95% | 28.89% |
| 2010 | 34.65% | 33.59% | 30.29% |
| 2009 | 34.13% | 33.86% | 26.29% |
| 2007 | 32.80% | 32.73% | 22.08% |
| 2005 | 33.10% | 32.71% | 23.29% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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